Question

In: Accounting

Cash $156,500 Accounts Recieveable 116,650 Allowance for Doubtful Accounts $51,250 Supplies 2,950 Prepaid Insurance 1,700 Building...

Cash $156,500 Accounts Recieveable 116,650 Allowance for Doubtful Accounts $51,250 Supplies 2,950 Prepaid Insurance 1,700 Building 260,000 Equipment 125,000 Land 111,500 Accumulated Depreciation 167,000 Investment in Bonds held to Maturity 24,000 Accounts Payable 5,650 Current Maturity of Note Payable 3,000 Note Payable 170,000 Unearned Revenue 12,000 Interest Payable 1,500 Salaries Payable 1,950 Common stock 49,100 Retained earnings 100,000 Service Revenue 488,700 Advertising Expense 6,000 Depreciation Expense 55,600 Insurance Expense 15,800 Interest Expense 1,800 Rent Expense 6,700 Salaries Expense 155,000 Supplies Expense 2,200 Travel Expense 550 Utilities Expense 6,200 Loss on Sale of Equipment 2,000 Total $1,050,150 $1,050,150 create a classified balance sheet

Solutions

Expert Solution

Hi

Let me know in case you face any issue:

For original size of image, Always press right click of mouse on image and select option "Open image in new tab". Image will be opened in new tab with original size. You can even download it by selecting option "save image as".


Related Solutions

Aging of Receivables; estimating allowance for doubtful accounts Aging of receivables; estimating allowance for doubtful accounts...
Aging of Receivables; estimating allowance for doubtful accounts Aging of receivables; estimating allowance for doubtful accounts Fishy Fish company supplies flies and fishing gear to sporting goods stores and outfitters throughout the western United States. The accounts receivable clerk for Fishy Fish prepared the following partially completed aging of receivables schedule as of the end of business on December 31, 2015: A B C D E F G H 1 Not past Due Days Past Due 2 3 Customer Balance...
Cash 800 Accounts Receivable 700 Allowance for Doubtful Acc, 20 Inventory 500 Supplies 200 Equipment 6,600...
Cash 800 Accounts Receivable 700 Allowance for Doubtful Acc, 20 Inventory 500 Supplies 200 Equipment 6,600 Accum. Dep.: Equipment 2,000 Accounts Payable 600 Notes Payable 1,000 Common Stock 2,200 Retained. Earnings 1,380 Dividends 900 Sales Revenue 7,000 Cost of Goods Sold 3,200 Salaries Expense 1,000 Sales Comm. Expense 300      Totals 14,200 14,200 INSTRUCTIONS A Enter the adjustments onto the worksheet and complete the worksheet. B Prepare the CLOSING JOURNAL ENTRIES for the period. ADJUSTMENT DATA 1 Pumpkin Company estimates...
Cash     5,633,555 Accounts Receivable        190,000 Allowance for Doubtful Accounts           13,300 Merchandise Inventory    ...
Cash     5,633,555 Accounts Receivable        190,000 Allowance for Doubtful Accounts           13,300 Merchandise Inventory     1,454,919 Parts inventory        437,900 Prepaid insurance          20,667 Supplies          39,520 Short term Investments, FV-NI        390,000 Assets held for sale, fair value        190,000 Investments, FV-OCI        845,000 Building     2,200,000 Accumulated Depreciation: Building      1,540,000 Land     1,845,000 Vehicles        252,000 Accumulated Depreciation: Vehicles         138,600 Equipment     2,640,000 Accumulated Depreciation: Equipment      1,188,000 Bank loan         654,714 Accounts payable        ...
Chart of Accounts Assets 111 Cash 112 Accounts Receivable 114 Prepaid Insurance 121 Land 122 Building...
Chart of Accounts Assets 111 Cash 112 Accounts Receivable 114 Prepaid Insurance 121 Land 122 Building 123 Accumulated Depreciation, Building 124 Pool/Slide Facility 125 Accumulated Depreciation, Pool/Slide Facility 126 Pool Furniture 127 Accumulated Depreciation, Pool Furniture Liabilities 221 Accounts Payable 222 Wages Payable 223 Mortgage Payable Owner's Equity 311 L. Judar, Capital 312 L. Judar, Drawing 313 Income Summary Revenue 411 Income from Services 412 Concessions Income Expenses 511 Pool Maintenance Expense 512 Wages Expense 513 Advertising Expense 514 Utilities...
what is the concept of cash realizable value? explain the Allowance for Doubtful Accounts? explain the...
what is the concept of cash realizable value? explain the Allowance for Doubtful Accounts? explain the valuation of accounts receivable?
Assets Current assets:      Cash $7,170      Accounts payable 7,500      Supplies 2,590      Prepaid insurance 800 &n
Assets Current assets:      Cash $7,170      Accounts payable 7,500      Supplies 2,590      Prepaid insurance 800      Land 24,000           Total current assets $42,060 Property, plant, and equipment:      Building $43,700      Equipment 29,250      Total property, plant, and equipment 72,950 Total assets $131,510 Liabilities Current liabilities:      Accounts receivable $10,000      Accum. depr.-building 12,525      Accum. depr.-equipment 7,340      Net income 11,500           Total liabilities $41,365 Owner's Equity Wages payable $1,500 Mark Brock, capital 88,645 Total owner's equity 90,145           Total liabilities and owner's equity $131,510 a. List the errors in the balance...
Assets Current assets:      Cash $7,170      Accounts payable 7,500      Supplies 2,590      Prepaid insurance 800 &n
Assets Current assets:      Cash $7,170      Accounts payable 7,500      Supplies 2,590      Prepaid insurance 800      Land 24,000           Total current assets $42,060 Property, plant, and equipment:      Building $43,700      Equipment 29,250      Total property, plant, and equipment 72,950 Total assets $131,510 Liabilities Current liabilities:      Accounts receivable $10,000      Accum. depr.-building 12,525      Accum. depr.-equipment 7,340      Net income 11,500           Total liabilities $41,365 Owner's Equity Wages payable $1,500 Mark Brock, capital 88,645 Total owner's equity 90,145           Total liabilities and owner's equity $131,510 a. List the errors in the balance...
Aging of Receivables; Estimating Allowance for Doubtful Accounts Trophy Fish Company supplies flies and fishing gear...
Aging of Receivables; Estimating Allowance for Doubtful Accounts Trophy Fish Company supplies flies and fishing gear products to sporting goods stores and outfitters throughout the western United States. The accounts receivable clerk for Trophy Fish prepared the following partially completed aging of receivables schedule as of the end of business on December 31, 20Y7: Not Days Past Due Past Customer Balance Due 1-30 31-60 61-90 91-120 Over 120 AAA Outfitters 20,100 20,100 Brown Trout Fly Shop 8,000 8,000 Zigs Fish...
Aging of Receivables; Estimating Allowance for Doubtful Accounts Trophy Fish Company supplies flies and fishing gear...
Aging of Receivables; Estimating Allowance for Doubtful Accounts Trophy Fish Company supplies flies and fishing gear products to sporting goods stores and outfitters throughout the western United States. The accounts receivable clerk for Trophy Fish prepared the following partially completed aging of receivables schedule as of the end of business on December 31, 20Y7: Not Days Past Due Past Customer Balance Due 1-30 31-60 61-90 91-120 Over 120 AAA Outfitters 19,000 19,000 Brown Trout Fly Shop 7,000 7,000 Zigs Fish...
Aging of Receivables; Estimating Allowance for Doubtful Accounts Wig Creations Company supplies wigs and hair care...
Aging of Receivables; Estimating Allowance for Doubtful Accounts Wig Creations Company supplies wigs and hair care products to beauty salons throughout Texas and the Southwest. The accounts receivable clerk for Wig Creations prepared the following partially completed aging of receivables schedule as of the end of business on December 31, 20Y1: Days Past Due Customer Balance Not Past Due 1-30 31-60 61-90 91-120 over 120 Subtotals 914,200 507,300 219,400 100,600 33,800 30,200 22,900 The following accounts were unintentionally omitted from...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT